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September 18, 2019

Yangon to invite long-term FDI for low-cost housing projects

About 2,000 affordable rental apartments would emerge in the vicinity of industrial zones in Yangon.

Foreign investors will be invited to develop long-term low-cost housing projects in Yangon, said Yangon Region Chief Minister U Phyo Min Thein at a press conference on the Yangon Region government’s third-year performance, held on Wednesday.
The regional government is planning to invite foreign investors to develop more low-cost homes across Yangon as local developers can only invest in projects where apartments are sold under a five-eight year payment plan, said U Phyo Min Thein.
Low-income buyers will find it difficult to buy apartments under the short-term payment plans, as the apartments are priced beyond their earnings, he said. That is why the government will seek foreign investors who can invest in the region’s housing projects, particularly for low-income families, for a period of 15 to 20 years, he added.
The Chief Minister said Yangon is in need of more low-cost homes because of the mass migration of job seekers. The government is seeking suitable means, including ways to build houses by excluding the cost of land, and arrangements are being made to develop such housing as quickly as possible, he said.
Now, the plan has evolved to a certain degree, he added.
For the time being, the Yangon Region government is re-developing three expired housing projects — the Lanthit housing project in Lanmadaw Township, the Mingalayeiktha housing project in Thingangyun Township, and the Pyidawthit housing project in Pazundaung Township.
Housing officials are currently implementing the second phase of the Bohmu Bahtoo affordable housing project in Dagon Myothit (North) Township, which will include 27 units with 864 apartments. (Translated by Khaing Thanda Lwin)

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